Mast Capital has added another project to break ground on in 2022 after acquiring the land for its three-building master-planned development in Miami. The company, alongside equity partner Rockpoint, acquired a 2.8-acre site located at 1420 S. Miami Ave. in the city’s Brickell neighborhood for $103 million in an off-market transaction with an undisclosed seller.
According to plans submitted by Mast Capital, the 2.6 million-square-foot development will include an 80-story luxury condominium tower with 400 units and two multifamily towers that will reach 50 and 60 stories tall and total 850 units. There are no details on amenities or floorplans yet, but Mast Capital is planning to have its condo tower be affiliated with a luxury lifestyle brand that will provide high-quality amenities, like food and beverage services for residents. The development is also going to include 1,650 parking spaces and ground-floor retail.
The history of the site has been dotted with false starts that stretch back 15 years. According to Mast Capital, the site was planned to become “Capital at Brickell,” a two-tower project including residential, office, hotel and retail uses, in the mid-2000s but was ultimately abandoned after the Great Recession. In 2014, the site saw interest from a China-based corporation who was looking to convert the site into two towers, but this project was also shelved, according to Mast Capital.
Now, the site’s latest developer is looking to take advantage of the neighborhood’s strong rent and population growth with its latest project. Camilo Miguel Jr., founder & CEO of Mast Capital, said in prepared remarks that the 1420 S. Miami Ave. project will anchor the south Brickell neighborhood while offering a community that stands out from the existing options.
Finding opportunities in South Florida
On top of the 1420 S. Miami Ave. project, Mast Capital has plans for two other Miami projects that are expected to start in 2022. The company previously partnered with Rockpoint and filed plans for a 176-unit community at 4000 Alton Road earlier this year. Mast Capital also partnered with Starwood Capital to close on a condo assemblage that will be built into a 100-unit condo tower.
Miguel said in prepared remarks that the company saw that South Florida’s strong growth, even prior to the pandemic, would only continue growing, so Mast Capital worked to find attractive investment opportunities in the area. The company was able to identify several projects, culminating in a pipeline of new residential developments in Miami, Miami Beach, Palm Beach County and the Tampa metro area that are set to break ground in 2022.